Michael Saylor's Strategy has no plans to stop buying bitcoin despite its recent sales and would only begin considering risks associated with its debt if bitcoin falls to around $8,000-$10,000, President and CEO Phong Le said.
"We're not going anywhere," Le said in a Bloomberg TV interview on Tuesday afternoon. "My objective would be the largest buyer of bitcoin for the foreseeable future."
Strategy (MSTR) recently sold over $215 million worth of bitcoin as part of its capital strategy. It has not purchased any bitcoin since the week ended June 22. Last week, the company raised about $467 million through the sale of common stock, increasing its cash reserve to roughly $3 billion. Strategy said the reserve is sufficient to cover preferred stock dividend payments for about two years and gives Strategy additional financial flexibility.
Le said Strategy increased its cash reserve after preferred shareholders indicated that maintaining liquid cash on the balance sheet in the short term was important. He added that the recent bitcoin sale was also intended to demonstrate liquidity in the company's bitcoin holdings.
Strategy sees debt concerns only below $10,000 bitcoin
